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Inside Washington (01/08/2009)
* WASHINGTON (1/9/09)--House Financial Services Committee Chairman Barney Frank (D-Mass.) could release a bill as early as today that would attach conditions to how the remaining $350 billion of the Troubled Asset Relief Program (TARP) funds would be spent (American Banker Jan. 8). Frank’s legislation would restrict executive compensation, require banks who receive capital from TARP to follow lending requirements, and ensure the Treasury uses the funds for foreclosure prevention. Changes to the Hope for Homeowners program also are expected to be in the bill. Frank said he anticipates a hearing on the legislation next week ... * WASHINGTON (1/9/09)--Comptroller of the Currency John Dugan said he won’t leave until the end of his term in August 2010, though the transitioning Obama administration has asked him to step down, observers said (American Banker Jan. 8). If Dugan is unsuccessful in his bid to stay, his possible successors include Greg Baer, deputy general counsel of regulatory and public policy for Bank of America, and former Treasury assistant secretary for financial institutions under the Clinton administration; and Chuck Muckenfuss, a senior deputy comptroller for policy at the Office of the Comptroller of the Currency from 1978-1981 and partner at Gibson, Dunn and Crutcher ... * WASHINGTON (1/9/09)--The Federal Deposit Insurance Corp. (FDIC) plans to retain a chunk of failed IndyMac’s assets, though the agency has found a buyer for the institution. FDIC will share 80% of the bank’s losses on $13 billion of loans, and will take 80% of a $2 billion construction loan portfolio (American Banker Jan. 8). The agency’s agreement to retain some of the failed bank’s assets indicates that the FDIC is using loss-sharing and participation models to deal with failed institutions. Observers note the FDIC may be using loss-sharing because it has worked in the past, while others say the FDIC may not have many options in resolving failures. The FDIC, in order to get a buyer for IndyMac, had to provide support, said Oliver Ireland, a partner at Morrison & Foerster. Ireland also is a former Federal Reserve Board lawyer ...


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